The taxpayer and the IRS agreed that the direct costs related to the burners had to be capitalized under IRC [section] 263A and associated regulations, the uniform capitalization, or "unicap" rules.
What does UNICAP stand for?
UNICAP stands for Uniform Capitalization (inventory planning)
This definition appears frequently and is found in the following Acronym Finder categories:
- Business, finance, etc.
See other definitions of UNICAP
- Association des Universités et Centres de Recherche de la Caraïbe (French: Association of Universities and Research Centers of the Caribbean; est. 1967; Kingston, Jamaica)
- Institutional Network of the Universities from the Capitals of Europe
- Universal Compiler Architecture (allows any language to be compiled by Chasm.
- Universidad Interamericana
- Università Degli Studi di Cagliari (Italian university)
- Université de Caen (French: University of Caen; Caen, France)
- University of Calabar (Nigeria)
- Universita Degli Studi di Camerino
- Universidade Estadual de Campinas (Portuguese: State University of Campinas; São Paulo, Brazil)
- Unidad Indígena Y Campesina del Norte (Union of Northern Indigenous People and Farmers; Guatemala)
- Universal Capital
- Universidade Catolica de Pernambuco (Catholic university, Brazil)
- União Internacional de Capoeira Regional (Russian, school)
- Unidad Cirugía Cardiovascular
- Università Cattolica del Sacro Cuore (Italy)
- United Nations International Computing Centre (Geneva, Switzerland)
- Unix Numeric Intensive Calculations at Chalmers (Sweden)
- United Nimba Citizen's Council
- Union of Industrial and Employer's Confederations of Europe
- Universal Network of Intelligent Conscious Entities
Samples in periodicals archive:
Taxpayers making automatic accounting method changes that affect capitalizable costs should consider the uniform capitalization rules of Sec.
The complexity that we've come to live with in the employee benefits area, in the ERISA provisions, in the foreign area, and domestically, in uniform capitalization rules--all of it is counterproductive.
Other procedures (such as limitations on business expense deductions and certain aspects of the uniform capitalization rules) will drive the IRS and NIPA definitions further apart and, as a result, necessitate a new set of adjustments to the IRS data.
Since the royalty payments were calculated using a percentage of sales, the Second Circuit held, the royalty cost was incurred only if inventory was sold; therefore capitalization of the cost was not required under the uniform capitalization (UNICAP) rules of IRC [section] 263A.
The first phase of the Tier I issue emanated from taxpayers asking to change accounting methods for uniform capitalization from the facts-and-circumstances method to the simplified service cost method to allocate mixed service costs between inventory and self-constructed property.